MIRA
INFORM REPORT
|
Report Date : |
27.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DECENTRALISED ENERGY SYSTEM [INDIA] PRIVATE LIMITED |
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Registered Office : |
No.4, 2nd Floor, 4th Main, KHM
Block, R. T. Nagar Main Road, Bangalore – 560032, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.10.2002 |
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Com. Reg. No.: |
08-31074 |
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CIN No.: [Company
Identification No.] |
U99999KA1996PTC043185 U40101KA1996PTC031074 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRD00919C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To establish, promote, own, build operate and manage decentralised
power stations and energy services in rural areas. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Maximum Credit Limit : |
USD 8000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records.
Company’s profitability is under several pressure. It has huge accumulated
losses. Payments are reported as slow and delayed. The company can be considered for any business dealings on fully safe
and secured trade terms and conditions, only. |
LOCATIONS
|
Registered Office : |
No.4, 2nd Floor, 4th Main, KHM Block,
R. T. Nagar Main Road, Bangalore – 560032, Karnataka, India |
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Tel. No.: |
91-80-41328160/ 23431346 /
23431348 |
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Fax No.: |
91-80-23431353 |
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E-Mail : |
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Website : |
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Overseas Office : |
Dr. Hari Sharan, Birchstrasse
6, 8472 Seuzach, Switzerland |
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Tel. No.: |
41-52-335 3500 |
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Fax No.: |
41-52-335 1442 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Gopal Chandra Dattaroy |
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Designation : |
Director |
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Address : |
308, Kailash Tower I, East of Kailash, New Delhi – 110065, India |
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Date of Birth/Age : |
25.02.1945 |
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Date of Appointment : |
18.05.2002 |
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Name : |
Mr. Krishna Kumar Biyani |
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Designation : |
Director |
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Address : |
13/1, Ballygunge Park Road, Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
01.07.1950 |
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Date of Appointment : |
27.09.2005 |
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Name : |
Mr. Shailendra Nath Sharan (Bullu ji) |
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Designation : |
Director, DESI Power |
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Address : |
Chitraguptanagar, At and P.O. :- Araria, District – Araria – 854311, Bihar, India |
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Name : |
Dr. Arun Kumar |
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Designation : |
Vice President, Development Alternatives |
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Name : |
Mr. K. Ramachandra |
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Designation : |
Director, DESI Power |
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Name : |
Mr. Dr. H. N. Shaan |
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Designation : |
Director |
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Name : |
Mr. Dr. Ashok Khosla |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To establish, promote, own, build operate and manage decentralised
power stations and energy services in rural areas. |
GENERAL
INFORMATION
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Bankers : |
· Bank of Baroda · State Bank of
India · ICICI Bank |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
G. Ravi Kumar Chartered Accountants |
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Address : |
14, Sevakshetra Building, 1st Main, 6th Cross,
Gandhinagar, Bangalore – 560009, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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24000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.400 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20290 |
Equity Shares |
Rs. 100/- each |
Rs. 2.029 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
2.029 |
1.789 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.060 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
2.089 |
1.789 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.473 |
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2] Unsecured Loans |
|
0.795 |
0.795 |
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TOTAL BORROWING |
|
0.795 |
1.268 |
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DEFERRED TAX LIABILITIES |
|
0.312 |
0.305 |
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TOTAL |
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3.196 |
3.362 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.825 |
9.407 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.073 |
0.073 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
1.665 |
0.022 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
3.053 |
1.233 |
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Total
Current Assets |
|
4.718 |
1.255 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.064 |
13.015 |
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Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
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14.064 |
13.015 |
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Net Current Assets |
|
[9.346] |
[11.760] |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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Profit and Loss Account |
|
3.644 |
5.642 |
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TOTAL |
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3.196 |
3.362 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
3.121 |
0.860 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
3.121 |
0.860 |
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Profit/(Loss) Before Tax |
|
1.966 |
(2.783) |
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Provision for Taxation |
|
0.042 |
0.000 |
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Profit/(Loss) After Tax |
|
1.924 |
(2.763) |
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Expenditures : |
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Depreciation |
|
1.155 |
1.415 |
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Other Expenditure |
|
0.000 |
2.208 |
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Total Expenditure |
|
1.155 |
3.623 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
61.65 |
(321.28) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
62.99 |
(321.28) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
14.52 |
(26.10) |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.94 |
(1.54) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
7.11 |
7.98 |
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Current Ratio (Current Asset/Current Liability) |
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|
0.34 |
0.10 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has been shifted from
139/B, 10th Main, RMV Extension, Bangalore – 560080, Karnataka, India
to the present address w.e.f. 16.04.2007
DIRECTOR’S
PROFILE
|
Name |
Mr.
Shailendra Nath Sharan (Bullu ji) |
|
Address |
Chitraguptanagar,
At
& P.O. :- Araria Dist.
– Araria State
- Bihar (India) PIN
– 854311 |
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|
Director,
DESI Power |
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Village
Address |
Shailendra
Nath Sharan (Bullu ji) CEO,
BOVS. Limited Director
DESI Power At
& P.O.- Baharbari:854329 Panchayat
- Dabhra Thana
- Jokihat , Dist.
- Araria |
|
Professional:
Current |
Team
leader: DESI Power’s 100 Village EmPower Partnership Project Director,
DESI Power Director,
DESI Power (Kosi) Private Limited CEO,
BOVS Limited (village cooperative, Baharbari) |
|
Experience in the field of agriculture and plantation |
Working in this field since 1972. Started-mechanized
farming in the year 1973 with tractor and diesel pump and improved variety of
seeds, with all positive and negative experiences. He is striving to keep
pace with advance production technologies and literature to keep him updated
in this field. He is in a position to identify and solve the problems of echo
friendly agriculture, plantation and industry. |
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Experience
in the field of Social and organizational |
It is the normal field for a person working in the remote village
of India. He has been working for many organizations in the village as per
the natural requirement & necessity of the farmers. Working with some
organizations, which are really down to earth, in working for the change in
the production system of India. |
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Experience
in the field of technical |
He can manage mechanical equipment, as he is working with
it and other equipment for a long time. He has worked in a company named
SOPHOS, in the filed of PV systems and installed PV lighting systems in the village
of Bikanar (Raj) in 1998-99. Also manages computer and internet very well. |
|
Working
Experience |
He organizes, manages and works in diversity. Right now he
is the team leader of DESI Power’s 100 Village EmPP project. His filed of
interest is working for rural India. He is one of the best human resource
managers at grass root level. |
|
Name |
Dr.
Arun Kumar |
|
|
Technology Development
Specialist |
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Education |
Development
of Physical Metallurgy and Science of |
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|
Indian
Institute of Technology, Kanpur, India |
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Present Employment |
Vice President, Development
Alternatives employed since 1989 |
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Key Qualifications |
Dr. Arun Kumar is Vice President, Development Alternatives and
has wide experience in the areas of Technology Design, Systems Engineering,
Business Development and Organisation of research. Since 1989 he has been responsible
for innovation and development of Technology Systems required for large-scale
creation of sustainable livelihoods. He is responsible for development and
promotion of technology packages in the area of Decentralised Energy
Production, Cleaner Production Technologies, Biomass Utilisation and other
Livelihood Technologies. The Cleaner Production packages consist of technologies for
production of Handmade Recycled Paper, Decentralised Production of Electricity.
During the last 12 years of work undertaken in the Development Alternatives
Group; field tested and economically viable packages have been developed and
widely promoted for recycling of paper, burnt brick production and cement
based roofing products. The technology packages are available to commercial
businesses and rural micro enterprises and these include Tara Handmade Paper
Production Technology and the Vertical Shaft Brick Kiln Technology. Under his
leadership the first DESI Power Biomass based Energy System was installed and
commissioned at TARAgram, Orchha. The first 100 kW unit meets the entire
electricity requirements of the appropriate Technology Center of Development
Alternatives and has been running since 1996. Dr. Arun Kumar has been actively involved in planning for
large-scale dissemination of Cleaner technologies required under the
International Protocols. He has been leading an initiative for Research into
issues of regional sustainable development. During the course of research work
on Structural Transformation Processes, he has authored a pioneering study on
Downward Spiralling of resources - their impact on Livelihood Systems. He has
authored numerous publications on technology promotion and benchmarking. His
team's research focus is to understand issues related to technology
assessment, technology development and processes that accelerate acceptance
of emerging technologies. He represents the DA Group on several national
committees of CII, Department of Science and Technology. |
|
Name |
K.RAMACHANDRA |
|
Educational
Qualification |
Bachelor
of Engineering in Mechanical Engineering, University of Mysore Master
of Engineering in Internal Combustion Engines, Indian Institute of Science,
Bangalore. Diploma
in Management Studies, Derby & District College of Technology, U.K |
|
Present
Employment |
Chief
Engineer, Netpro Renewable Energy (India) Private Limited Director,
DESI Power |
|
Experience |
K.Ramachandra, Chief Engineer, Netpro Renewable Energy (India)
Private Limited, after completion of Post graduation started his career as a
design & development engineer at Hindustan Aeronautics Limited,
Bangalore. He was selected by Ministry of Education, GOI, for undergoing two
years of training on Design & Development of Aero-gas turbines as an
Overseas Graduate Trainee at Rolls Royce Limited, U.K. He worked on design
& development of Aero-engines at Hindustan Aeronautics Limited, for over
11 years. Later joined Bharat Heavy Electricals Limited and worked in the
Research & Development department for over 20 years heading the Coal
programme group. He has wide experience in coal combustion, coal
gasification, Low CV gas combustion, design of LCV gas burners, dense phase
pneumatic bulk solid material handling systems, design, construction,
commissioning & operation of pilot scale test facilities and oil
conservation programmes. He successfully designed and commissioned the Low CV gas
combustion system at Ennore Thermal Power Station - a project fully funded by
Ministry of Energy , Govt. of India, Direct Ignition of Pulverised coal
system at Satpura Thermal Station and Vijayawada Thermal Power Station, and
the 3 Mbtu / hr. Fuel Evaluation Test facility, a joint BHEL and USDOE
project. He was also heading the Business Development Department
for a period of three years. After retirement from service in BHEL as
Additional General Manager, is presently working for Netpro Renewable Energy
(India) Private Limited, as Chief Engineer since February 2003. Has published/presented a number of technical papers in
technical journals/National & International seminars. |
Promoters
Dr.
H. N. Sharan receives the SESI Lifetime Achievement Award.
This year, the
Solar Energy Society of India conferrred its , President, Dasag Energy Engineering Limited,
Switzerland, for his contribution to the renewable energy sector in a career
spanning 46 years.
Ashok Khosla Wins Premier United
Nations Environment Prize Nairobi/New York, 30 October 2002
Dr. Ashok Khosla has worked tirelessly to demonstrate both the theory and
practice of "sustainable development" through his teaching and
fostering of environment-friendly and commercially viable technologies.
Partners
1.
WSD was set up in 1995 in response to the perceived opportunity for the poor to
build up their assets through international emissions trading.
2.
Technology and Action
for Rural Advancement (TARA) is a unique social enterprise based in India. Its
objectives are to improve the well being of people and their communities.
3.
Baharbari Odyugic Vikas Swavalamvi Shakari Samiti (BOVS),
Limited emerged as a panchayat level cooperative, committed to the development
of micro scale industries in the Baharbari panchayat.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.56 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.67.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
22 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|